Comvest Credit Partners Provides $175 Million Senior Credit Facility to Raven Engineered Films
June 02 2022 - 9:00AM
Comvest Credit Partners (“Comvest”), a leading provider of flexible
financing solutions to middle-market companies, has acted as
Administrative Agent in providing a $175 million senior secured
credit facility (the “Financing”) to Raven Engineered Films
(“Raven”), a Sioux Falls, S.D.-based specialty plastics
manufacturer. The Financing was used to support the acquisition of
Raven in a corporate carve-out from CNH Industrial (NYSE: CNHI /
MI: CNHI) by Industrial Opportunity Partners (IOP), a private
equity firm.
Founded in 1956, Raven is a leading provider and installer of
highly engineered polymer protective sheeting products used in a
variety of agriculture, construction, geomembrane, and industrial
applications in major markets worldwide. Raven produces covers,
liners, films and other products for critical resource protection
needs that require precise custom fabrications.
“Raven is a highly regarded company in the engineered films
market,” said Greg Reynolds, Partner, Co-Head of Direct Lending, at
Comvest. “Comvest was pleased to work alongside management and IOP
to deliver a flexible, needs-responsive and comprehensive debt
financing solution on a compressed timeline.”
“In addition to our deep industrials sector expertise, this
transaction demonstrates Comvest’s ability as a single-source
provider of significant credit facilities to middle-market North
American manufacturers with attractive growth prospects,” said Dan
Lee, Partner, at Comvest. “We believe Raven remains poised for
continued strong growth and look forward to working with management
and to building our relationship with IOP.”
About Raven Engineered Films (Raven)Raven
manufactures and supplies highly engineered polymer films and
sheeting to major markets throughout the United States and abroad.
For more information, please visit https://ravenefd.com
About Industrial Opportunity Partners (IOP) IOP
is an Evanston, Ill.-based private equity firm dedicated to
creating value through investing in manufacturing and value-added
distribution businesses with sales between $50 million and $500
million. For more information, please visit www.iopfund.com
About Comvest Credit PartnersComvest Credit
Partners focuses on providing flexible financing solutions to
middle-market companies. Comvest provides senior secured,
unitranche, second lien, and mezzanine capital to sponsored and
non-sponsored companies in support of growth, acquisitions,
buyouts, refinancings, and recapitalizations. Credit facilities
typically range from $25 million to $250 million-plus for companies
with revenues greater than $20 million. Comvest has offices
located in West Palm Beach, Chicago and New York. For more
information, please visit www.comvest.com/direct-lending
About Comvest PartnersCAbout Comvest Partners
Comvest Partners is a private investment firm providing equity and
debt capital to middle-market companies across the U.S. Since its
founding in 2000, Comvest has invested over $8 billion. Today,
Comvest has over $7.6 billion of assets under management. Through
extensive capital resources and a broad network of industry
relationships, Comvest Partners offers companies financial
sponsorship, critical strategic and operational support, and
business development assistance. For more information, please visit
www.comvest.com
For more information, please contact:Greg
Reynolds, Partner, Co-Head of Direct Lending, Comvest Credit
Partners – G.Reynolds@comvest.com
Dan Lee, Partner, Comvest Credit Partners –
D.Lee@comvest.com
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